Question: Thank you for helping when you do! The probabilities for the states of nature are P(s1)=0.5,P(s2)=0.3, and P(s3)=0.2. (a) What is the optimal decision strategy

Thank you for helping when you do!

Thank you for helping when you do! The

The probabilities for the states of nature are P(s1)=0.5,P(s2)=0.3, and P(s3)=0.2. (a) What is the optimal decision strategy if perfect information were available? (b) What is the expected value for the decision strategy developed in part (a)? If required, round your answer to one decimal place. (c) Using the expected value approach, what is the recommended decision without perfect information? What is its expected value? If required, round your answer to one decimal place. (d) What is the expected value of perfect information? If required, round your answer to one decimal place

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